Orders build for first South African dollar tier two

FirstRand Bank was on track to open the market for South African tier two issuance ahead of Barclays Africa, which is lining up a trade for later this week.

  • By Virginia Furness
  • 16 Apr 2018

Both banks are aiming to raise a minimum $300m in tier two format, with the deals marking the first time South African borrowers have turned to the international markets to raise Basel III-compliant capital.

FirstRand, rated Baa3/BB/-, opened books on the 10 year non-call five deal at ...

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